Visa Reports Tenfold Growth in Stablecoin Settlement Volume

Visa Annual Stablecoin Settlement Volume Surpasses $25 Billion – How The Payment Network Approaches Token Agnosticism

Key Takeaways

• Visa reached a stablecoin settlement run rate of $25 billion, representing a tenfold increase year-over-year.
• The network currently utilizes five stablecoins across ten different blockchains for its operational settlements.
• Spending on stablecoin-linked cards surged by more than 150 percent across five million active cards globally.
• Visa’s proprietary Open USD token circulation exceeded $800 million as of mid-October.

Tenfold Growth Indicates High Settlement Demand

Visa recorded a massive surge in stablecoin activity across its network infrastructure over the past year. CEO Ryan McInerney detailed these operational metrics during the company earnings call on Tuesday, October 29. He reported that the annualized settlement run rate for stablecoins officially crossed the $25 billion mark. This financial figure represents a tenfold volume increase when compared directly to the same period a year earlier.

Settlement serves as the fundamental step in the payment process where card issuers and acquiring banks pay each other what they owe. The reported $25 billion number functions specifically as a run rate. This means recent transaction volumes are extrapolated across a full 12-month period to indicate the current pace of network activity. Management did not officially tie this specific settlement metric to Visa’s broader fiscal 2027 outlook, which projects low double-digit revenue growth.

Five Tokens Compete Across Ten Blockchains

The payment network processes these stablecoin transactions using a diverse mix of digital assets and underlying ledger technologies. Settlement operations currently run across ten different blockchains. This network count represents more than double the number of blockchains supported just one year ago. Visa facilitates these specific back-end settlements utilizing five distinct stablecoins.

The roster of supported digital tokens includes USD Coin (USDC), PayPal USD (PYUSD), and Global Dollar (USDG). The network also processes transactions using Circle’s euro-backed Euro Coin (EURC) and SBC, which operates as a dollar-pegged stablecoin issued by Brale. Issuers of these five supported tokens now actively compete for market share within this rapidly growing settlement channel.

McInerney clarified the official corporate stance regarding this internal token competition during his earnings presentation. He stated explicitly that Visa remains entirely agnostic toward both individual stablecoins and the underlying blockchains. The payment processor does not favor any specific token issuer over another. This neutral policy leaves the door completely open for multiple stablecoin providers to capture portions of the expanding settlement flow.

Open USD Integration Expands Real-Time Money Movement

Visa maintains a significant stake in its own token ecosystem despite the publicly stated policy of neutrality. The payment company holds membership in the Open USD consortium. This specific group operates as a direct market rival to established tokens like USDC.

Visa utilizes the proprietary Open USD (OUSD) token for its specialized Flex Credential payment product. The total circulation for the OUSD token surpassed the $800 million threshold as of October 15. Company leadership plans to embed this proprietary token much deeper into the broader network infrastructure.

McInerney confirmed that developers will integrate OUSD directly into Visa Direct. This specific platform handles real-time money movement for the payment processor on a massive global scale. Expanding OUSD functionality into these existing real-time payment rails creates a parallel proprietary system. This system operates directly alongside the five independent stablecoins already functioning on the settlement network.

Card Programs and Spending See Triple-Digit Increases

Consumer-facing applications of digital assets are experiencing similar high-percentage growth trajectories within the Visa payment ecosystem. The global network currently supports more than 225 stablecoin-linked card programs. This program count represents an increase of over 70 percent compared to the previous year. Consumer spending metrics also demonstrate rapid adoption across these specialized payment products.

Spending activity across approximately five million active cards grew by more than 150 percent. These digital asset card programs are now actively processing transactions in more than 50 countries worldwide. Visa also operates a dedicated technological infrastructure called the Visa Stablecoin Platform. This dedicated service is designed specifically to help institutional partners launch their own token-based payment products.

The deployment platform is currently live in six major global markets, explicitly including the United States, the United Kingdom, and Mexico. Management noted a highly robust development pipeline for this specific service. The company is currently working with a pipeline featuring more than 300 prospective partners preparing to launch new digital asset services.

Our Assessment

Visa is aggressively positioning its legacy payment network as the primary venue for institutional bank demand regarding stablecoins. The massive tenfold increase in annual settlement volume demonstrates that payment providers are successfully utilizing blockchain technology for routine financial operations. Supporting five different tokens across ten separate blockchains allows the central network to capture transaction volume regardless of which individual digital asset ultimately gains market dominance. The pattern suggests that future stablecoin competition will likely play out directly on the Visa network rather than in outside environments.

Expanding the proprietary OUSD token into real-time money movement channels like Visa Direct indicates a strategic dual approach by the company. The network supports external tokens while simultaneously building internal alternatives for its clients. The primary threat to this intermediary model would emerge only if traditional banks and card issuers eventually choose to settle their transactions directly onchain. Doing so would effectively remove the card network from the middle of the settlement process entirely.